O'Neill says Cheney told him, `Deficits don't matter'

Items compiled from Tribune news servicesCHICAGO TRIBUNE

Former Treasury Secretary Paul O'Neill said he was told "deficits don't matter" when he warned of a looming fiscal crisis.

In a new book chronicling his rocky two-year tenure and in an interview with CBS's "60 Minutes" that aired Sunday, O'Neill also said President Bush balked at his more aggressive plan to combat corporate crime because of opposition from "the corporate crowd."

O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits posed a threat to the economy.